Abbreviated Company Accounts - TAPJET LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Income not invoiced has been recognised as it is earned.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - over 3 years

Other accounting policies
Research and development

Research and development expenditure is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Going concern

The accounts have been prepared on the going concern basis. The going concern basis is believed to be appropriate due to the continued support of the company's directors and creditors. Having considered the level of losses incurred to date, the directors are of the opinion that the company is still in a position to continue trading, and that directors and creditors will provide adequate support to ensure that the debts incurred in the normal course of business may be settled as they fall due.